Leeds

Patrizia buys No 1 The Embankment in Leeds

LEEDS, 28 January 2015 – An office building in Leeds, which is currently home to KPMG, has been acquired by Patrizia for more than £10 million in a deal brokered by property agents JLL.

No 1 The Embankment on Neville Street in the city centre has been bought on behalf of German investors from Aberdeen Asset Management.

KPMG is vacating No 1 The Embankment in the city centre to a new building around the corner in Sovereign Square. Patrizia plans to redevelop the 53,000 sq ft building to Grade A office accommodation which will be available in 2016.

Mathew Atkinson, Director of Investment at JLL, said: “This landmark asset holds a prime position in the centre of Leeds. Underpinned by improving occupation demand No 1 The Embankment presents an exciting refurbishment opportunity for future income growth for our client.”